1. Field of the Invention
The present invention relates generally to a check cashing system, and more particularly, but not by way of limitation, to an improved process for cashing checks and distributing cards having a value thereon.
2. Brief Description of Related Art
Check cashing stores are well known places for providing check cashing services to people, even though they do not have money deposited in the place where the check is presented. A check cashing store is typically a stand-alone location manned by a store clerk. A customer presents the check to the store clerk along with a valid identification, such as a driver's license. The store clerk then runs the check through a check reader. The check reader reads a check code and transmits the code to a check processing system, such as Global Payments, Inc. The check processing system determines if the check is valid and authentic and then submits an authorization code back to the check reader so that the store clerk can give the customer cash for the check. A high risk of crime occurs in this type of system due to the high rate of cash flow and the large amounts of cash needed for such transactions.
Another type of check cashing system utilizes an automated teller machine (“ATM”) associated with a bank. However, in this system, checks are only cashed for persons having funds deposited at that institution. In addition, an identification card having a secret code is utilized during the transaction.
Recently, a check reader has been interfaced with an ATM to provide a check cashing system not requiring a clerk. However, one drawback to this system is the persistent problem of the ATM running out of cash. This requires that the company servicing the ATM continually supply the ATM with enough cash to keep the ATM functioning.
To this end, a need exists for a check cashing system that will provide a process of cashing a check so as to reduce the risk of crime and the large supplies of needed cash. It is to such a check cashing system that the present invention is directed.